9Nov

Singapore Stocks Watch: Singapore shares end bring down on Friday

Singapore Stocks Watch:
SINGAPORE stocks shut lower on Friday, with the Straits Times Index withdrawing 0.49 percent or 15.27 focuses to 3,077.97.

Washouts dwarfed gainers 229 to 145, or around eight securities down for each five up, after 1.73 billion securities worth S$1.03 billion changed hands.

Among the most vigorously exchanged by volume, Genting Singapore increased 6.7 percent or S$0.06 to S$0.95 with 90.5 million offers exchanged. Minimized Metal Industries headed up 16 percent or S$0.004 to S$0.029 with 78.8 million offers exchanged.

Dynamic record stocks included DBS Group Holdings, down one percent or S$0.25 to S$23.74; and Singtel, up 0.6 percent or S$0.02 to S$3.10.

Singtel-supported fintech firm Sygnum declares tie-up with blockchain organization daura

FINTECH firm Sygnum on Friday declared its association with blockchain organization daura to fabricate an answer for safely issue computerized resources, for example, tokenised offers and speculation items.

Sygnum – which tallies Singtel Innov8, the funding arm of Singtel Group, as one of its financial specialists – was established by a group of Swiss and Singaporean experts. It builds up its items and administrations all the while in the monetary center points of Switzerland and Singapore.

Mathias Imbach and Gerald Goh, establishing accomplices of Sygnum, said that in the main stage, their arranged contributions will target qualified or certify institutional financial specialists. In the second stage, it will offer bank-to-bank innovation answers for engage other monetary foundations to give administrations to the token economy.

Sygnum and Swiss telco Swisscom have likewise shaped a joint endeavor for the safe stockpiling of computerized resources, called Custodigit.

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Sygnum said it intends to improve the present money related administrations foundation with the potential outcomes of circulated record advancements and computerized resources – with blockchain being the present most noticeable case of the dispersed record innovation.

As vital accomplices, Sygnum, Swisscom and daura will manufacture a computerized resource biological community tending to the agony purposes of coordinating the advanced record innovation into the money related industry, for example, the nonattendance of managed fiat-advanced passages and the absence of agreeable and secure guardianship answers for computerized resources, in addition to other things.

Dwindle Hofmann, senior fintech master at Swisscom and between time CEO of Custodigit, stated: “The participation of Sygnum and Custodigit consolidates one of a kind know-how in the fields of computerized resources, saving money, consistence and innovation. This cultivates the improvement of an advanced resources authority stage for the managed money related industry.”

9Nov

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • After spending the majority of the day in a tight range near the $1230 handle, the XAU/USD pair lost its traction and slumped to a fresh daily low of $1228 in the last hour. As of writing, the pair was trading at $1228.70, losing 0.35%, $4.30, on a daily basis. The US Dollar Index, which suffered heavy losses in the second half of the previous week, started the day on a positive note and rose above the 96.50 mark ahead of the non-manufacturing PMI reports that the ISM and the IHS Markit will be releasing later in the session.
  • The United States reintroduced sanctions against Iranian oil on Monday while giving some of Washington’s closest allies exemptions that allow Tehran’s biggest customers, mostly in Asia, to keep buying crude for now. Washington has restored measures lifted under a 2015 nuclear deal negotiated with Tehran by the administration of President Barack Obama.
  • Gold prices slipped while the dollar was unchanged on Monday as traders awaited the U.S. mid-term elections and the Federal Reserve’s November meeting due later this week. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange slipped 0.03% to $1,232.9 a troy ounce by 12:20 AM ET (04:20 GMT). The U.S. Fed will begin its two-day meeting on Wednesday, with markets anticipating no change to interest rates ahead of a widely expected rate hike in December.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • A dozen euro zone banks holding about 40 percent of the sector’s assets need to strengthen their capital positions, European Central Bank Vice President Luis de Guindos said on Monday, reflecting on the results of a stress test exercise. The ECB earlier said that it would consider a 5.5 percent common equity tier 1 capital (CET1) level as acceptable in the test but comments from de Guindos suggest that the ECB may be looking a higher level.
  • The United States announced a new raft of sanctions on Iran on Monday and threatened further action to pressure its old adversary, steps the Islamic Republic condemned as “economic war” and vowed to defy. The move is part of a wider effort by U.S. President Donald Trump to curb Tehran’s missile and nuclear programs and diminish the Islamic Republic’s influence in the Middle East.
  • The European Central Bank has withdrawn the banking license of Malta’s Pilatus Bank, the island’s financial regulator said on Monday, after the chairman of the bank was charged in the United States over money laundering and bank fraud. The lender was also accused of processing corrupt payments for senior Azeri and Maltese figures by investigative journalist Daphne Caruana Galizia. She was killed a year ago by a car bomb in Malta.

COMEX GOLD SIGNAL

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5Nov

Top five REITs add up to returns found the middle value of 5.7% in October

SGX Update: Ascendas India Trust saw the greatest return of 6.9%.

The best five in the 10 best-performing REIT constituents in the I-Edge S-REIT Index saw a normal return of 5.7% from July to October, the Singapore Exchange (SGX) uncovered.

On a YTD and three-year premise, their aggregate returns found the middle value of – 5.3% and +30.4% individually.

Ascendas India Trust finished the rundown with Q3 returns which hit 6.9% in the said months. This was trailed by Starhill Global REIT (5.5%), Mapletree Commercial Trust (5.4%), and Keppel REIT and Suntec REIT which saw their profits hit 5.2%.

Likewise gathering together the best 10 best entertainers are CapitaLand Commercial Trust (4.7%), Frasers Hospitality Trust (4.4%), CapitaLand Mall Trust (3.3%), Frasers Commercial Trust (2.7%), and SPH REIT (2.3%).

“Singapore REITs are at present confronting a higher financing cost condition. Since January 2017, the Federal Reserve has raised US loan fees six times – with the latest climb in September,” SGX remarked.

In addition, the neighborhood bourse noticed that the Fed has communicated goal to bring rates again up in December, and three more occasions in 2019, as it expect that US keeps on developing reasonably and swelling stays under control.

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Top player Ascendas India Trust saw a 32% YoY bounce in its conveyance per unit (DPU) to $0.198. Its net property pay rose 4% to $32.9m over incremental pay commitments from the acquisitions of BlueRidge 2 and Arshiya distribution centers, higher premium pay from interests in its IT parks through development subsidizing and positive rental inversions.

SGX to ink MOUs with two industry bodies to fortify associations in China

TO additionally fortify its ties with Chinese organizations and markets, the Singapore bourse will sign memoranda of comprehension (MOUs) with the Zhejiang (S) Entrepreneurs Association (ZJEA), and the China Futures Association (CFA) later on Monday.

Through the MOU with the non-benefit ZJEA, the Singapore Exchange (SGX) would like to “cultivate more prominent joint effort in creating Singapore capital market open doors for China undertakings”, it said. The ZJEA has solid connections with ventures situated in Zhejiang region and has a decent reach to endeavors in different parts of China, the SGX included.

In the interim, the Singapore bourse will restore its organization with the CFA with the MOU, which will see the two collaborate in the advancement of the subsidiaries advertises in China and Singapore through monetary market instruction and research. The organization was first settled in 2013.

Around 20 percent of recorded organizations and 15 percent of bond backers on the SGX are from Greater China. The recorded organizations have a market capitalisation of over S$206 billion, and security backers have an exceptional measure of S$294 billion to be paid out to bondholders.

The marking functions will occur at an affair supper in Beijing to check the tenth commemoration of the SGX’s Beijing Representative Office.

Loh Boon Chye, CEO of SGX, stated: “We are amped up for the open doors offered with China additionally internationalizing, and the expanding job that it is playing inside worldwide capital markets. Together with our accomplices, we will keep on advancing Singapore as a decision area for Chinese organizations hoping to extend their organizations universally, and in addition fortify SGX’s job in encouraging the developing institutional financial specialist interest for hazard administration devices and more extensive access to China.”

Li Guosheng, leader of ZJEA, stated: “SGX, as a portal to universal markets, is all around situated to assist these business visionaries with competing on a worldwide scale. This MOU among SGX and ZJEA will bond a nearby organization among SGX and Zhejiang business visionaries in China.”

Wang Ming Wei, executive of China Futures Association stated: “2018 imprints every time of fast development for China’s prospects advertise. We are charmed to proceed with this joint effort which isn’t just a vital development in our association with SGX, however will likewise additionally advance the subsidiaries advertise. With this common order, we anticipate working intimately with SGX in the coming years, to all the more likely serve our individuals and markets.”

SGX shares were down S$0.09 or 1.3 percent at S$7.09 before entering the early afternoon break.

5Nov

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • The Trump Administration seems to be achieving its tri-fold agenda of punishing Iran while balancing the world’s energy needs and keeping oil prices low, as crude markets posted on Friday their largest weekly loss since February. Eight countries, including Japan, India, South Korea and China, will be given waivers to continue importing oil from Tehran once export sanctions against the Islamic Republic start this weekend, Bloomberg reported.
  • Gold prices were higher on Friday as the U.S. dollar inched down, despite a better-than-expected jobs report. Comex gold futures for December delivery rose 0.11% to $1,237.40 a troy ounce as of 10:33 AM ET (14:33 GMT). Gold was higher due to a fall in the greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched down 0.06% to 96.22.
  • Earnings for the two largest U.S. oil companies on Friday jumped on higher crude prices and the nation’s shale boom, joining big oil rivals in posting sharply higher quarterly profit. Exxon Mobil Corp (N:XOM) posted a 57-percent increase on prices there were up 44 percent over a year ago helped by a lower tax rate while Chevron Corp’s (N:CVX) earnings doubled on surging output from the Permian Basin of West Texas and New Mexico. While Exxon’s results topped Wall Street forecasts, but shares were up fractionally as its oil and gas production declined for the ninth of the last 10 quarters.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • China will provide Pakistan with economic aid but more talks will take place to fix the details, a senior Chinese diplomat said, after new Pakistani Prime Minister Imran Khan met Chinese Premier Li Keqiang on Saturday. Pakistan’s foreign reserves have plunged 42 percent since the start of the year and now stand at about $8 billion, or less than two months of import cover.
  •  U.S. President Donald Trump said on Friday that he will likely make a deal with China on trade, adding that a lot of progress had been made to resolve the two countries’ differences but warning that he still may impose more tariffs on Chinese goods. “China very much wants to make a deal,” Trump told reporters in Washington just hours after his top economic adviser expressed caution about talk of a possible U.S.-China trade agreement.
  • China is willing to resolve trade issues with the United States through mutually respectful talks and on an equal footing, said one of the country’s vice commerce ministers Wang Bingnan on Saturday. Beijing will jointly promote the healthy and stable development of China-U.S. relations, Wang told reporters at a news conference.

5nov6

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2Nov

Singapore Stock Watch: SGX reveals 10 new leveraged exposure products

Singapore Stock Watch:It will let SIP-qualified financial specialists take long or short positions with use on the every day execution of the fundamental stocks.

The Singapore Exchange (SGX) will welcome the posting of 10 new Single Stock Daily Leverage Certificates (DLCs) which will get five times use on Singapore blue-chip organizations and surely understood territorial stocks.

Through the Single Stock DLCs from backer Société Générale, determined speculation items (SIP)- qualified speculators will have the capacity to take long or short positions with use on the day by day execution of the hidden stocks.

“We have been getting positive input on the DLCs since first experience with the market the previous summer, and we think it is the perfect time to grow the hidden inclusion to single stocks,” Keith Chan, head of Cross Asset Listed Distribution at Société Générale’s Global Markets in Asia Pacific, said.

The main clump of stocks incorporates chosen Straits Times Index (STI) organizations, for example, DBS, UOB, OCBC, Singtel, Venture, and Keppel Corporation Limited. It likewise incorporates Hang Seng Index (HSI) stocks, for example, Tencent Holdings and Ping An Insurance Group.

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Since the presentation of the primary DLC, the turnover of DLCs exchanged on SGX has surpassed $3.5b.

“This [move] will likewise expand the scope of imaginative and alluring exchanging items offered by merchants.” SGX head of research and items Chan Kum Kong said. “With DLCs picking up footing from both retail and institutional members, we expect the interest for our recorded organized items to keep on developing couple.”

Back in July 2017, SGX was the primary bourse in Asia to offer exchanging of DLCs. SGX has the exchanging of 18 DLCs on three created showcase lists, to be specific MSCI Singapore, HSI and Hang Seng China Enterprises Index, with use levels of three, five and seven times.

SingPost reports 13% fall in 2Q income to $25 mil on coincidental reasonable esteem misfortune on warrants from partner

Singapore Post announced 2Q19 profit finished Sept of $25.1 million, down 12.9% from a year prior, due to a great extent to an excellent reasonable esteem misfortune os $2.9 million on warrants from a related organization.

Barring such irregular things, hidden net benefit was steady at $28.1 million, as working benefit enhanced 33.5% to $40 million however was balanced by offer of loss of partners of $3.6 million.

Income for 2Q19 expanded 2.2% to $368.7 million, on more grounded commitments from universal mail and property.

Income from web based business related exercises over the gathering rose 2.2% in the quarter to $189.1 million, contributing 51.3% of aggregate income.

In the post and package portion, income expanded to $176.7 million on development in cross-outskirt online business conveyances, while benefit on working exercises rose 5.1% to $42.1 million, driven by higher edges from last-mile web based business conveyances in Singapore.

The coordinations fragment turned around a misfortune in the earlier year to record a working benefit of $0.3 million on level income of $125 million due to a great extent to littler misfortunes at Quantium Solutions, which has been looking into horrible client contracts to enhance gainfulness, and solid commitments from the cargo sending business.

Working costs plunged 0.4% at $331.7 million as work and related costs limited 6.2% to $76.9 million.

Benefit on working exercises from property rose 54.1% to $13.3 million, helped by rental pay from the SingPost Center retail shopping center, which re-opened in October 2017.

For 2Q19, the governing body has pronounced a between time profit of 0.5 penny for each offer to be paid on Nov 30.

In its standpoint, SingPost says the gathering stays all around situated to profit by the development in worldwide web based business exercises in spite of the fact that it remains exceedingly aggressive while local mail volumes are relied upon to slant downwards.

“We keep on coordinating the tasks of TradeGlobal and Jagged Peak in the US, in testing economic situations,” it includes.

Year to date, shares in SingPost are down 18.3% to close at $1.04 on Friday.

2Nov

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices rebounded on Thursday from the almost three week lows reached in the previous session as the dollar weakened broadly. December gold futures were up 1.5% to $1,230.60 by 08:58 AM ET (12:58 GMT) on the Comex division of the New York Mercantile Exchange. Gold prices settled at $1,212.30 on Wednesday, which was the lowest close since October 11.
  • Oil prices fell to their lowest level in more than two months on Thursday, as indications of swelling U.S. crude stockpiles weighed. U.S. oil inventories rose by a more-than-expected 3.2 million barrels last week, the U.S. Energy Information Administration said on Wednesday. It was the sixth straight weekly climb that has seen domestic supplies swell by a total of 31.9 million barrels over that period.
  •  A vessel carrying soybeans from the United States to China changed its destination to South Korea on Thursday, shipping data showed, amid a trade war that has decimated U.S. shipments of the commodity to the world’s top oilseed importer. The Star Laura, carrying 36,000 tonnes of American soybeans loaded in Seattle in late September, was due to arrive in the eastern Chinese port of Qingdao on Wednesday, according to shipping data on Refinitiv Eikon.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Chinese President Xi Jinping on Thursday promised support for struggling private firms, pledging more tax cuts and financial aid, underscoring government resolve to support the private sector as growth slows. Xi said the government would reduce corporate burdens including value-added tax cuts and tax exemptions for small businesses and tech startups, according to the official Xinhua news agency, while promising an equal business environment for all firms.
  • Efforts to ease post-crisis banking rules probably will continue even if Democrats triumph in next week’s midterm elections and pressure regulators to reverse course. While Democrats face long odds to flip the Senate, polls show they’re poised to gain at least the 23 seats needed to retake control of the House. That would put them in charge of committees that oversee financial matters, empowering them to summon agency heads and grill them about deregulation efforts championed by President Donald Trump.
  • The European Union on Thursday called for China to take concrete steps to further open its market to foreign firms and provide a level playing field, saying it would not sign up to any political statement at next week’s major import fair in Shanghai. The EU’s statement comes on the eve of a trade expo that Beijing hopes to use to signal its willingness to narrow trade deficits and assuage outside concern about its trade practices.

2nov5

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1Nov

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  •  Gold prices slid to almost two-week lows on Wednesday, pressured lower by a firmer dollar. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange were down 0.55% at $1,218.6 a troy ounce by 1:40 AM ET (05:40 GMT). The yellow metal has risen about 2.4% so far in October, the biggest monthly gain since January.
  • Oil is likely to stay above $75 a barrel, fueled by supply disruptions exacerbated by U.S. sanctions on Iran, but further gains could be limited as economists and analysts see demand growth slowing next year due to trade wars and economic weakness. A survey of 46 economists and analysts forecast Brent crude (LCOc1) to average $76.88 a barrel in 2019, up from the $73.75 forecast in September.
  • U.S. crude oil inventories rose less than expected last week, the Energy Information Administration said in its weekly report on Wednesday. The EIA data showed that crude oil inventories increased by 3.22 million barrels in the week to October 26. That was compared to forecasts for a stockpile build of 4.11 million barrels, after a build of 6.35 million barrels in the previous week.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • If you are looking to save the environment, address racial or gender discrimination, fight for human rights or tackle corruption, it looks like you have some unlikely allies: Money managers. Do not scoff. The biennial Report on US Sustainable, Responsible and Impact Investing Trends is out, and the numbers are eye-popping. There is now $12 trillion in money being managed in the United States with an eye to Environmental, Social and Governance (ESG) criteria, according to the report by the US SIF, a nonprofit hub for sustainable investing. That is up 38 percent in just two years, from $8.7 trillion in 2016.
  • Germany should step up efforts to attract more citizens from other EU states, five million of whom have boosted the country’s economy by an average of 0.2 percent per year since 2011, the DIW economic institute said on Wednesday. Most arrivals have been young, well qualified and active in the labor market, where they have filled many vacant positions and boosted consumer demand, it said in a study.
  • Turkey will cut taxes in several sectors including automotives, white goods and furnitures, and will continue to take measures to bring down inflation, Finance Minister Berat Albayrak said on Wednesday. Turkey will also continue its lower tax regime in housing sales, Albayrak said, hours after the central bank sharply raised its inflation forecasts for this year and the next.

1nov5

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31Oct

Singapore shares take off on Wednesday; STI crosses 3,000 check

Singapore Stocks Watch : Singapore shares shut higher on Wednesday, with the Straits Times Index up 52.35 or 1.8 percent to close at 3,018.80. The STI had shut beneath its key help level of 3,000 for sequential sessions since exchanging finished on Oct 26 at 2,972.02.About 2.27 billion offers worth S$1.48 billion altogether changed hands, which worked out to a normal unit cost of S$0.65 per share.

Gainers dwarfed failures 259 to 151.

The most effectively exchanged stock was Genting Singapore, which rose S$0.02 to S$0.88 with 52.9 million offers evolving hands.

Different actives included ThaiBev and Rex International.

Among financials, DBS shut S$0.66 or 2.9 percent higher at S$23.46, UOB finished S$0.38 or 1.6 percent up at S$24.38, while OCBC picked up S$0.24 or 2.3 percent to end at S$10.74.

Among telcos, Singtel shut S$0.04 or 1.3 percent higher at S$3.16.

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City Gas levy to increment by 2.29% from Nov 1 to Dec 31

SINGAPORE: Gas levies for family units will increment by 2.29 percent or 0.44 penny for every kilowatt hour (kWh) from Nov 1 to Dec 31, City Gas declared on Wednesday (Oct 31).

This implies families should pay 19.67 pennies for every kWh, barring Goods and Services Tax, when contrasted with 19.23 pennies already.

The expansion is because of higher fuel costs contrasted and the past quarter, City Gas said in a media discharge.

City Gas audits the gas duties dependent on rules set by the Energy Market Authority, which has endorsed the gas levies for the two-month time frame.

gas tariffs table

Source: CNA

31Oct

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices fell on Tuesday as the safe haven demand for the dollar was boosted by concerns over the pending trade dispute between the U.S. and China. At 10:25 AM ET (14:25 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange lost $6.80, or 0.55%, to $1,225.80 a troy ounce. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, gained 0.22% to 96.79.
  • Oil prices continued to slide on Tuesday, adding to a sharp decline for the month of October as concerns over the outlook for global demand amid simmering trade tensions, coupled with increasing supply and rising inventories, pummeled the outlook for crude. New York-traded West Texas Intermediate crude futures fell 98 cents, or 1.46%, at $66.06 a barrel by 8:56 AM ET (12:56 GMT).
  • The Trump administration has cut down Iran’s crude exports more quickly than many expected, but just days before a White House deadline, it is still a long way from achieving its stated goal of zeroing out Iranian oil sales. Iran’s oil exports have fallen by about a third in the five months through September. They tumbled by about 800,000 barrels per day since President Donald Trump announced in May he was abandoning a nuclear accord with Iran and restoring wideranging sanctions on its economy.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Finance minister Philip Hammond’s budget plans show Britain is not serious about its goal of wiping out its budget deficit by the mid-2020s, the Institute for Fiscal Studies (IFS) said on Tuesday. Hammond unveiled the biggest discretionary loosening of the public finances since the economic crash on Monday, as he tried to make good on Prime Minister Theresa May’s promise that years of austerity were ending.
  • The credit quality of U.S. states is improving, with revenue growth and spending moderation helping to halt a downward trend, according to a report to be released later on Tuesday.States’ revenue growth is higher than national economic growth in current dollars, the bi-annual report from global investment management firm Conning Inc found. The boost in credit quality to “stable” is Conning’s first higher outlook, up from “declined,” on states in two and a half years. The firm manages more than $9 billion of municipal bonds in client portfolios.
  • Italy’s economy stagnated in the third quarter, and Prime Minister Giuseppe Conte said the zero growth justified Rome’s expansionary 2019 budget which the European Commission has rejected because it breaks EU rules. Gross domestic product was unchanged between July and September, following a 0.2 percent rise in the second quarter, and was up just 0.8 percent on an annual basis, national statistics bureau ISTAT reported.

COMEX GOLD SIGNAL

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30Oct

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices inched up on Monday as worries over corporate earnings weighed on Asian equities. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.02% at $1,236.0 a troy ounce by 1:50 AM ET (05:50 GMT.
  • Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero. The strategy is meant to cripple Iran’s oil-dependent economy and force Tehran to quash not only its nuclear ambitions, but this time, its ballistic missile program and its influence in Syria.
  • Oil prices headed lower to start off the week, as traders continued to fret over worries of oversupply. New Yorktraded West Texas Intermediate crude futures fell 37 cents, or 0.55%, at $67.22 a barrel by 9:34 AM ET (13:34 GMT), adding to last week’s 2.2% drop, which was its third-straight weekly decline. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 26 cents, or 0.33%, to $77.36, following a weekly fall of 2.7%. After last week’s sharp decline, data from Baker Hughes showed on Friday that U.S. drilling activity continued to climb.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The United States said on Monday it was “deeply disappointed” the European Union was pressing ahead with litigation over U.S. and aluminum tariffs at the World Trade Organization, and urged EU member states to consider carefully their broader interests. U.S. Ambassador Dennis Shea also told a WTO meeting that going ahead with hearings on disputes about U.S. tariffs would undermine the viability of the WTO, according to a transcript of his remarks seen by Reuters.
  •  Italy’s economy minister is studying possible measures to support the country’s banks if needed, a government source said on Monday, in a sign of concern within the ruling coalition over the impact of rising debt yields on lenders. Italian banks, which hold about 375 billion euros ($426 billion) of Italian government bonds, have been hit by a jump in sovereign borrowing costs triggered by market fears over the coalition’s big-spending budget plans.
  • Three times a week, hundreds of Chinese investors arrive at Athens airport to be greeted by Greek real estate agents who drive them straight into the city to view apartments for sale. The visitors are drawn to Greece by rock-bottom property prices and one of Europe’s most generous “golden visa” schemes, offering a renewable five-year resident’s permit in return for a 250,000 euro ($285,000)investment in real estate. That’s enough to buy a three-bedroom apartment in the capital with a view to the Acropolis hill.

GOLD TRADING FORECAST TODAY

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